Hopefully you’ve had some time to read over and contemplate our recent article, Does Your Business Need Bookkeeping Software? And you should know by now whether or not you need a software solution to help take care of your business.
If you’ve determined that you do need bookkeeping software for your business, now comes the harder part. Finding the right bookkeeping software to handle everything that your business needs, within your budget.
At Integral Bookkeeping Solutions we’ve helped hundreds of medium-sized and large businesses to shift their bookkeeping to a software solution. That’s why we’ve put together a review of the top three bookkeeping software solutions that we work with.
Xero Bookkeeping Software Solution
Xero is one of the most popular bookkeeping software solutions on the Australian market today. This is because it’s a very robust system that has a number of add-ons available so that you can integrate with your current business tools.
Xero has features that can run every part of your business, including:
- Invoicing and quotes
- Bank reconciliation
- Payroll management
- Single touch payroll
Xero is a cloud-based software and has a number of packages that will grow with your business. It offers a free trial, and you can upgrade your plan as needed.
Quickbooks Online Bookkeeping Software
Quickbooks Online is a cloud-based bookkeeping software that has a number of packages from the self-employed, to small businesses and larger organisations.
From just the basics to more powerful features, Quickbooks Online can:
- Create and send invoices
- Track income and expenses
- Connect to your bank
- Manage your payroll
- Work in multiple currencies
Quickbooks also integrates with a number of business tools such as PayPal, Shopify and Square so that you can keep everything all in one place.
MYOB Bookkeeping Solutions
MYOB is available in both a cloud and non-cloud based software option. MYOB have a number of packages available for small businesses where you can pick and choose exactly what you need including:
- Bank reconciliation
- Employee payroll management
- Single Touch Payroll
- Manage two businesses with one account
MYOB has a robust inventory feature and can deliver an end-to-end business management solution, all in one place. One of the other, most cost-effective features of MYOB is that you can pay unlimited employees without needing to upgrade your plan.
Xero vs MYOB vs Quickbooks
Even from here, it can look like all these software solutions offer very similar products at similar pricing. So we’re going to break things down a little further…
Use Xero if…
You are a business that is growing and uses other job management tools. Xero comes with many automated features that are built into the system and it’s often claimed by its users to be the easiest of these tools to use. Xero also has the most add-on options, which means you can integrate your other job management tools with Xero to make things even easier.
Use Quickbooks Online if…
You’re on a budget, but still looking for a robust bookkeeping software solution. While Quickbooks offers many of the same features as Xero, customers have reported that it’s slightly less intuitive to use than other programs.
Use MYOB if…
You are a small business with lots of employees. While MYOB capabilities are great, it has a limited reporting function and no ABA files. If you need help with job and project costing features however, this could be the tool for you.